US bank Goldman Sachs has acquired the director of the Dutch company NN Group NN Investment Partners for 1.7 billion euros. The operation, which helps expand the entity’s activities outside the United States, includes $1,515 million for purchase, closing commission, and surplus capital that will be distributed in the form of dividends before the end of the deal. As part of the agreement, both entities will establish a ten-year strategic partnership in which the resulting company will continue to provide asset management services to the NN Group and anticipates that the transaction, which is still subject to regulatory approvals, will close in the first quarter of 2022.
NN Investment Partners, which has around 900 employees and approximately €300,000 million under management – which will allow Goldman Sachs to double the amount it currently operates in Europe – explained in a statement. That his union with Goldman Sachs It gives you a broader platform to accelerate your growth and improve your offerings and services to your customers, while continuing to collaborate with the NN Group and take advantage of new product offerings from Goldman Sachs.
NN IP CEO Satish Babat will remain in his position, but will not be a member of the NN Group’s board of directors. The operation is expected to have a positive impact on the director’s 17% solvency ratio and capital increase “which will be available for additional returns to shareholders” which they plan to publish with the results of the second half of the year.
Meanwhile, the target for organic capital generation (OCG) remains unchanged at €1.5 billion in 2023. “This acquisition allows us to accelerate our growth strategy and expand the assets of our management platform. NN Investment Partners offers a leading European client franchise and an extension of our strength in insurance asset management Most notably, Goldman Sachs Chairman and CEO, David Solomonand thus embarked on its largest operation since taking office in 2018.
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